An EMI (Equated Monthly Installment) calculator is a financial tool used to calculate the fixed monthly payments you need to make towards repaying a loan, typically a personal loan, home loan, car loan, or any other type of installment loan. EMIs are commonly used in countries like India, and they help borrowers plan their finances and budget effectively. Here's how an EMI calculator works and what information it typically requires: Loan Amount: You need to input the total amount of the loan you are borrowing, which is the principal amount. Benefits of using an EMI calculator: Financial Planning: EMI calculators help borrowers plan their finances and understand the impact of the loan on their monthly budget. Accurate Estimates: They provide accurate EMI values, preventing any surprises or misunderstandings about the monthly payments. Comparison: Borrowers can compare different loan options, tenures, and interest rates to choose the most suitable ...